102,401 research outputs found
"Economic Theory and Insitutions" followed by "A Summing Up"
No full textThe main article "Economic Theory and Insitutions" was first published in Robert Delorme e Kurt Dopfer (eds.), The Political Economy of Diversity - Evolutionary Perspectives on Economic Order and Disorder, London: Edward Elgar (pp.34-45). “A Summing Up” (pp.361-363), is a brief overview of the points L.L. Pasinetti and G. Caravalle have in common and where they diverge on institutional economic analysis
Growth, Distribution, Stability and Government Budget Surplus: The Extended Cambridge Equation Revisited
No full textIn the late 80’s Pasinetti showed that the essential feature of the Cambridge Equation is preserved in his model of growth and income distribution with balanced or unbalanced budget. He did not work out both the share of incomes and the conditions of stability and was not formally concerned with a permanent budget surplus. The present paper deals with the case of a closed economy in which, besides direct taxation, indirect taxation on government’s own expenditures is explicitly considered and the government saves permanently at a given rate. The extended Cambridge Equation and the share of profits are obtained. It is also shown that the stability result requires additional assumptions. Boundary conditions are introduced and the long-run local stability result is attained, thus corroborating the generality and robustness of Pasinetti’s original insight.Budget Surplus, Cambridge Equation, Growth, Distribution, Stability
The Rate of Profit in a Growing Economy: a Reply
No full textThe Author presents a written reply to criticisms made by Mr. Meade and Mr. Hahn to his 1962 article "Rate of Profit and Income Distribution in Relation to the Rate of Economic
Growth," Review of Economic Studies
La teoria di Keynes ed i problemi del nostro tempo
No full textIl materiale del saggio pubblicato in questo volume viene dal libro Growth and Income distribution. Essays in Economic Theory (CUP 1974). Il saggio prima di essere pubblicato nel presente libro venne presentato ad una conferenza tenutasi all'Università di Perugia il 17 maggio 1977 e pubblicata nei Annali della Facoltà di Economia e Commercio, n.5 (new series), 1977-'78, Università degli Studi di Perugia, pp.87-114
"Switches of Techniques and the “Rate of Return” in Capital Theory "
No full textIn the 1960s-70s, there was a well-known controversy in economics on capital theory. In broad terms, the controversy unfolded between the two Cambridges – one in the United Kingdom and the other in the United States (Massachusetts) – though it also involved economists of other nationalities (in particular Italian). The American economists (the most renown of whom was Samuelson) claimed that there exists a way – also within linear models – to build a neoclassical, aggregate (Samuelson called it ‘surrogate’) production function, in other words, a function that gives rise to an inverse monotonic relation (in income distribution) between the rate of profit and capital intensity (as was always claimed by the traditional neoclassical theory).
Sraffa had in the meantime published his famous, and succinct, book, which discussed, to everyone’s surprise, the ‘return of previously discarded techniques’, on the scale of variation of the distribution of income between wages and profits. It was not clear at the beginning how all this was relevant to capital theory, until in 1965 a PhD student of Samuelson’s, David Levhari (from Israel), published an article in the Quarterly Journal of Economics where he claimed to have proved that a ‘return to previously discarded techniques’ in linear formulations is impossible.
There followed a long discussion on this topic that involved many economists on both sides of the Atlantic. In this article, the reader can see the part of this general discussion that refers to the exchange between the Author and professor Solow
The Principle of Effective Demand
No full textIn this chapter it is discussed how Keynes, though dedicating a chapter to the principle of effective demand in his GENERAL THEORY (chap 3), does not define the principle and only twice mentions the wording effective demand.
It is further argued that most of Keynes's analysis of Chapter 3 was carried out at a level of investigation that concerns the behaviour of a 'monetary production economy', within a given institutional set-up. However, the principle of effective demand belongs to a more fundamental level of investigation, towards which Keynes was able to go only partially.
Perhaps, he never had the time or the necessary calm or the appropriate analytical tools to go back and face it explicitly. After Keynes, those who tried to re-absorb his analysis into traditional theory have been careful not to mention the principle at all; while those who have endeavoured to carry further Keynes's 'revolution' have been too quick to identify it, thus remaining half-way between his behavioural relations and the deeper level to which the 'principle' of effective demand really belongs.
The principle of effective demand must be seen on two distinct levels of investigation - one behavioural and the other fundamental, or 'natural', as the early classics called it. These levels of investigations are both essential and complementary, though they are distinct and aimed at different purposes
Il Tableau Économique e le economie moderne
No full textIl documento, una copia della rarissima 3' edizione del Tableau Économique di François Quesnay, è entrato nella Biblioteca Mattioli: è un opuscoletto di 38 pagine in totale, stampato alla corte di Re Luigi xv, nei primi mesi del 1759. E’ costituito dalla famosa Tavola a base 600 (cioè 600 milioni di lire francesi del tempo), da una Explication della Tavola stessa ( 12 pagine) e da un Extrait des Économies Royales de M. de Sully (22 pagine)
La ricchezza delle nazioni (Una pagina dedicata a Federico Caffè)
No full textLa pagina è estratta da Dinamica strutturale e sviluppo economico - Un'indagine teorica sui mutamenti nella ricchezza delle nazioni, Torino: U.T.E.T., 1984, p.315
Commento a una ricerca su: I rapporti tra finanza e distribuzione del reddito
No full textSi tratta di commenti fatti alle varie critiche dei prof. Nardozzi, Ranchetti, e Lossani riguardo ai enormi problemi sollevati, e non ancora risolti, sia di carattere teorico (sulle influenze reciproche tra tasso di interesse e tasso di profitto),
sia di carattere empirico (sul ruolo della finanza negli ultimi decenni)
Kuznets and Pasinetti on the Study of Structural Transformation: Never the Twain Shall Meet?
No full textThe main characteristics of the economic growth of nations are a sustained increase in the growth of output and factor productivity and a widespread process of structural transformation. In this paper I contrast two of the few important authors that do not ignore structural change: Kuznets and Pasinetti. Over several decades the two approaches have developed in an almost orthogonal manner. I discuss the reasons and evaluate the use of the approaches in the study of economic development.
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